Vietnam accounts for 87% of the Philippines' total rice imports

(VAN) In the first half of 2021, rice imports to the Philippines witnessed a year-on-year decrease, while the volume of Vietnamese rice imported into the nation accounts for nearly 87%.

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Vietnamese rice accounts for 87% of the Philippines' total rice imports. Photo: TL. — Vietnamese rice accounts for 87% of the Philippines' total rice imports. Photo: *TL.*

According to the Philippines' Bureau of Plant Industry (BPI), the country imported 1.26 million tons of rice between January and June, down 11% from 1.417 million tons in 2020.

The causes for the decrease in imported rice volume stem from the increase in the price of international rice, logistics difficulties on a global scale, and an increase in domestic rice crops.

Vietnamese rice exports to the Philippines hit 1.126 million tons on July 2, accounting for 87% of the latter's total rice imports in the first half of the year.

Additionally, the Philippines imported 2,638 tons of rice from Pakistan and 109.36 tons from India. Rice imports from Pakistan and India surged as a result of the decrease of the most-favored-nation (MFN) tariff on rice imports from 40% (within quota) and 50% (over quota) to 35%.

General Department of Vietnam Customs said that Vietnam sold approximately 1.27 million tons of rice to the Philippines in the first seven months of this year, worth USD 665.72 million, accounting for 36.4% of total volume and 35.3% of overall rice export revenue. The Philippines remains to be Vietnam's top rice importer.

Author: Son Trang

Translated by Linh Linh

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